Business Oregon has opened a Request for Grant Applications (RFGA) for the Economic
Equity Investment Program. This program was created to promote durable economic
advancement and wealth building opportunities among historically marginalized
communities. This is the second round of funding since the program debuted.
This RFGA will result in approximately $8 million in grant awards to culturally responsive
organizations to provide outreach, support, and resources to eligible beneficiaries to
address longstanding economic inequities. Successful applicants will demonstrate a
meaningful track record of delivering programs or resources to target populations within at
least one of the following key areas: land ownership and real property acquisition,
entrepreneurship and business development, workforce, and intergenerational wealth
building.

Applicants must demonstrate a plan for spending the entirety of their award by June 30,
2025, when the state biennium ends. Business Oregon anticipates announcing awards to
recipient organizations in the fall of 2024, with initial payments distributed prior to the end
of the calendar year.

As outlined in the RFGA, interested parties will apply using one of two application tracks.
Track 1 is for existing EEIP recipient organizations who are seeking additional funds to
continue their current projects. Track 2 is for new applicants and existing EEIP recipient
organizations who are proposing a project different from their current EEIP work. Due to
the short funding cycle, both application tracks place more weight on demonstrated
success and readiness to begin programming shortly after the award announcements.
Below is a list of examples of programs, tools, or activities that would be considered
appropriate or eligible under each key area. Based on the understanding that wealth
building means something different for different communities, please note that these are
merely examples and not an exhaustive list of possible uses of the funds. Applicants are
encouraged to propose approaches that they have successfully utilized, that will help
achieve the overall goals of the program, and that ensures the awarded funding can be
spent by June 30, 2025.

• Ownership of land, principal residences, other real property: down payment
  assistance, Individual Development Accounts, retail space, foreclosure prevention,
  land grants and community land trusts, and education related to wealth-building
  through home ownership.
• Entrepreneurship and business development: business loans or forgivable loans,
  business grants, access to professional services, Individual Development
  Accounts, equipment purchases, training or programs, licensing fees, immigration
  fees, and personal and business tax preparation.
• Workforce development: job training, paid internships, apprenticeships, re-entry
  programs, job readiness support, job search assistance, and trade and technology
  programs.
• Intergenerational wealth building: children’s savings accounts, credit counseling,
  matched savings programs, bonds or other safe investment vehicles, and debt
  reduction.
  

The Economic Equity Investment Program was established by the Oregon Legislature in
2022 and informed by a seven-member advisory group consisting of nonprofit and agency
executives, community leaders and advocates, and public policy specialists. Business
Oregon welcomes applications from organizations who exhibit alignment with the
parameters, goals, and values of the program.

Business Oregon will hold an information session for anyone interested in learning more
about this RFGA on August 8, 2024, at 9:30 a.m. Click here to register.

More information about this program and the grant requirements can be found
at www.oregon/gov/biz. Applications are due no later than 11:59 p.m. on August 30,
2024.

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Press Release 8/1/2024
Business Oregon
https://www.oregon.gov/biz/Publications/releases/Grant%20Applications%20Open%20Offering%20$8%20Million%20to%20Support%20Economic%20Equity.pdf

Business Oregon, the state’s economic development agency, invests in Oregon businesses, communities, and people to promote a globally competitive, diverse, and inclusive economy. The agency’s services span rural community development and infrastructure financing; business retention, expansion, and recruitment; export promotion and international trade; investments in industry research and development and entrepreneurship; small business assistance; and support for arts and cultural organizations. Learn more at biz.oregon.gov.